Penobscot Investment Management Company Inc. Acquires 10,267 Shares of AstraZeneca PLC $AZN

Key Points

• Penobscot Investment Management Company Inc. increased its stake in AstraZeneca PLC by 18.1%, acquiring an additional 10,267 shares, bringing its total holdings to 67,022 shares worth approximately $4.68 million.
• Analysts have rated AstraZeneca with an average rating of "Moderate Buy" and set a consensus price target of $86.00, while the stock recently traded at approximately $85.31.
• AstraZeneca reported a net revenue of $14.46 billion for the last quarter, exceeding the consensus estimate of $14.08 billion, though its earnings per share of $1.09 matched expectations.

Penobscot Investment Management Company Inc. boosted its holdings in AstraZeneca PLC (NASDAQ:AZN - Free Report) by 18.1% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 67,022 shares of the company's stock after purchasing an additional 10,267 shares during the quarter. Penobscot Investment Management Company Inc.'s holdings in AstraZeneca were worth $4,683,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Larson Financial Group LLC increased its holdings in shares of AstraZeneca by 297.9% during the first quarter. Larson Financial Group LLC now owns 386 shares of the company's stock valued at $28,000 after acquiring an additional 289 shares in the last quarter. FNY Investment Advisers LLC acquired a new stake in AstraZeneca in the 1st quarter valued at $29,000. Costello Asset Management INC acquired a new stake in AstraZeneca in the 1st quarter valued at $29,000. Highline Wealth Partners LLC increased its stake in AstraZeneca by 447.4% during the 1st quarter. Highline Wealth Partners LLC now owns 416 shares of the company's stock valued at $31,000 after purchasing an additional 340 shares in the last quarter. Finally, Maseco LLP acquired a new position in AstraZeneca during the second quarter worth $34,000. 20.35% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of AstraZeneca in a report on Saturday, September 27th. Berenberg Bank set a $97.00 target price on shares of AstraZeneca in a report on Wednesday, July 9th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $86.00.

AstraZeneca Price Performance

Shares of NASDAQ:AZN opened at $85.31 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.67 and a debt-to-equity ratio of 0.55. The stock has a market cap of $264.58 billion, a PE ratio of 32.07, a price-to-earnings-growth ratio of 1.54 and a beta of 0.36. The stock's fifty day simple moving average is $78.04 and its two-hundred day simple moving average is $73.10. AstraZeneca PLC has a 1-year low of $61.24 and a 1-year high of $85.50.

AstraZeneca (NASDAQ:AZN - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported $1.09 EPS for the quarter, meeting the consensus estimate of $1.09. AstraZeneca had a net margin of 14.68% and a return on equity of 32.84%. The company had revenue of $14.46 billion during the quarter, compared to the consensus estimate of $14.08 billion. During the same quarter in the prior year, the company posted $1.24 earnings per share. The firm's revenue for the quarter was up 16.1% on a year-over-year basis. As a group, analysts forecast that AstraZeneca PLC will post 4.51 EPS for the current fiscal year.

AstraZeneca Cuts Dividend

The company also recently declared a semi-annual dividend, which was paid on Monday, September 8th. Investors of record on Friday, August 8th were issued a dividend of $0.505 per share. The ex-dividend date was Friday, August 8th. This represents a yield of 200.0%. AstraZeneca's payout ratio is 37.97%.

AstraZeneca Profile

AstraZeneca PLC, a biopharmaceutical company, focuses on the discovery, development, manufacture, and commercialization of prescription medicines. The company's marketed products include Tagrisso, Imfinzi, Lynparza, Calquence, Enhertu, Orpathys, Truqap, Zoladex, Faslodex, Farxiga, Brilinta, Lokelma, Roxadustat, Andexxa, Crestor, Seloken, Onglyza, Bydureon, Fasenra, Breztri, Symbicort, Saphnelo, Tezspire, Pulmicort, Bevespi, and Daliresp for cardiovascular, renal, metabolism, and oncology.

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